China since the implementation of the RMB exchange rate reform, foreign exchange management system of compulsory exchange settlement policy and the "lenient entry, stringent exit" system, the fast growth in foreign exchange reserves. Until the end of 2009, 9, China's foreign exchange reserves has been ranked No. 1 in the world economy, large foreign exchange reserves have already formed a negative macroeconomic impact, but also to make China's foreign economic relations in a passive position, as problems to be solved. And unreasonable foreign trade structure, not only conducive to China's economy and resources and environment for sustainable development, and a substantial increase of trade surplus, but also led to sharp increase in foreign exchange reserves, increasing pressure on RMB appreciation. The sharp increase in foreign exchange reserves will inevitably make China a long-term currency liquidity to face the threat of continuing to enlarge and become long time continued to face in the future needs of over-expansion, and inflation induced a significant factor. Same time, because the yuan is undervalued by the combined effect of a series of driven, leading to a large number of international hot money into China, most of which entered the China's financial and real estate market areas, resulting in the financial, real estate and other capital markets, a series of bubbles, and growing rapidly. The author intends to study the relationship between the three, the interaction between the three, and three pairs of quantitative analysis, and on this based on the science and policy recommendations.
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